Truist Financial Issues Positive Forecast for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT) had its price target hoisted by analysts at Truist Financial from $81.00 to $90.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical research company’s stock. Truist Financial’s price target would suggest a potential upside of 19.39% from the company’s current price.

A number of other research analysts also recently issued reports on RDNT. Raymond James Financial reissued a “strong-buy” rating and set a $75.00 price objective (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Barclays upped their target price on RadNet from $60.00 to $79.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. Finally, Morgan Stanley upgraded RadNet to an “overweight” rating in a research note on Monday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $78.60.

RadNet Trading Down 4.0%

NASDAQ:RDNT traded down $3.12 during mid-day trading on Wednesday, reaching $75.38. 652,454 shares of the company’s stock traded hands, compared to its average volume of 788,065. The company has a 50 day moving average price of $76.43 and a 200-day moving average price of $64.98. The firm has a market capitalization of $5.80 billion, a price-to-earnings ratio of -376.89 and a beta of 1.58. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. RadNet has a 12-month low of $45.00 and a 12-month high of $85.85.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Sunday, November 9th. The medical research company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The business had revenue of $522.87 million during the quarter, compared to the consensus estimate of $494.19 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.RadNet’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 earnings per share. On average, sell-side analysts predict that RadNet will post 0.56 earnings per share for the current year.

Insiders Place Their Bets

In other RadNet news, EVP Mark Stolper sold 35,000 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total value of $2,586,150.00. Following the transaction, the executive vice president owned 68,012 shares of the company’s stock, valued at approximately $5,025,406.68. This represents a 33.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the sale, the insider directly owned 138,198 shares of the company’s stock, valued at approximately $9,328,365. This represents a 32.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 118,098 shares of company stock valued at $8,269,445. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Segall Bryant & Hamill LLC grew its stake in RadNet by 15.5% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 368,934 shares of the medical research company’s stock worth $28,116,000 after acquiring an additional 49,527 shares in the last quarter. Ninepoint Partners LP purchased a new stake in RadNet in the third quarter worth about $163,000. Aster Capital Management DIFC Ltd bought a new position in RadNet during the 3rd quarter worth about $73,000. Xponance Inc. increased its position in RadNet by 3.7% during the 3rd quarter. Xponance Inc. now owns 5,368 shares of the medical research company’s stock valued at $409,000 after purchasing an additional 193 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in shares of RadNet during the third quarter valued at approximately $40,073,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.